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The Revenue Mobilisation, Allocation and Fiscal Commission (RMAFC) on Wednesday said it had recovered N4.2 billion in remittances from collecting banks into the federation account.
Mr Shettima Gana, the commission’s acting Chairman, said this while inducting the lead consultants and other auditors on the verification and reconciliation of revenue collections and remittances by the collecting banks.
The collecting banks collect excise duties and taxes on behalf of the Federal Inland Revenue Service (FIRS) and the Nigeria Customs Service (NCS).
He said that the money was recovered during the exercise that was carried out on banks’ collections of these taxes and duties between January 2008 and June 2012.
Gana said that there was about N20 billion that was still outstanding but had not been recovered from the banks.
He also said that the success recorded in the first phase of the exercise made the National Economic Council (NEC) approve a second phase which would cover July 2012 to December 2015.
Gana said that the commission had the constitutional mandate to monitor accruals into the Federation Account and disbursements of the revenue.
Mr Shettima Gana, the commission’s acting Chairman, said this while inducting the lead consultants and other auditors on the verification and reconciliation of revenue collections and remittances by the collecting banks.
The collecting banks collect excise duties and taxes on behalf of the Federal Inland Revenue Service (FIRS) and the Nigeria Customs Service (NCS).
He said that the money was recovered during the exercise that was carried out on banks’ collections of these taxes and duties between January 2008 and June 2012.
Gana said that there was about N20 billion that was still outstanding but had not been recovered from the banks.
He also said that the success recorded in the first phase of the exercise made the National Economic Council (NEC) approve a second phase which would cover July 2012 to December 2015.
Gana said that the commission had the constitutional mandate to monitor accruals into the Federation Account and disbursements of the revenue.
